AMLP vs. SPY

Last updated Jul 28, 2026

AMLP (Alerian MLP ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - AMLP is a MLPs fund tracking the Alerian MLP Infrastructure Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, AMLP returned 6.88%/yr vs 14.86%/yr for SPY. Their 0.44 correlation means their historical movements had little consistent relationship. AMLP charges 0.90%/yr vs 0.09%/yr for SPY.

Performance

AMLP vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alerian MLP ETF (AMLP) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMLP achieves a 19.94% return, which is significantly higher than SPY's 8.96% return. Over the past 10 years, AMLP has underperformed SPY with an annualized return of 6.88%, while SPY has yielded a comparatively higher 14.86% annualized return.

AMLP

• 1D: -1.38%
• 1M: 5.42%
• 6M: 14.32%
• YTD: 19.94%
• 1Y: 19.75%
• 3Y*: 18.60%
• 5Y*: 18.82%
• 10Y*: 6.88%
• ALL TIME*: 5.78%

SPY

• 1D: 0.02%
• 1M: 1.39%
• 6M: 7.26%
• YTD: 8.96%
• 1Y: 17.29%
• 3Y*: 18.85%
• 5Y*: 12.50%
• 10Y*: 14.86%
• ALL TIME*: 10.76%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AMLP Alerian MLP ETF	$50.92M	$55.14M	$74.08M
SPY State Street SPDR S&P 500 ETF	$33.26B	$34.73B	$38.70B

AMLP vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMLP Alerian MLP ETF	19.94%	5.78%	22.76%	21.40%	25.47%	39.09%	-32.26%	5.99%	-12.67%	-7.89%
SPY State Street SPDR S&P 500 ETF	8.96%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between AMLP and SPY is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.07
Correlation (3Y) Balances recent behavior with more history.	0.26
Correlation (5Y) Shows whether the relationship held over a longer period.	0.39
Correlation (10Y) Provides a long-term view across more market conditions.	0.43
Correlation (All Time) Calculated using the full available price history since Aug 25, 2010	0.44

The correlation between AMLP and SPY shifts across timeframes, from -0.07 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.

AMLP vs. SPY - Sectors Allocation Comparison

Sectors	AMLP	SPY
Energy	98.1%	3.4%
Industrials	2.1%	8.3%
Utilities	1.9%	2.3%
Financial Services	0.0%	12.1%
Basic Materials	-	1.7%
Communication Services	-	9.2%
Consumer Cyclical	-	8.8%
Consumer Defensive	-	4.5%
Healthcare	-	9.1%
Real Estate	-	1.9%
Technology	-	38.4%

Return for Risk

AMLP vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AMLP

AMLP Risk / Return Rank: 63
AMLP Sharpe Ratio Rank: 69
AMLP Sortino Ratio Rank: 67
AMLP Omega Ratio Rank: 65
AMLP Calmar Ratio Rank: 63
AMLP Martin Ratio Rank: 53

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 55
SPY Omega Ratio Rank: 56
SPY Calmar Ratio Rank: 55
SPY Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AMLP vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alerian MLP ETF (AMLP) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AMLP	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.37	+0.21
Sortino ratio: Return per unit of downside risk	2.22	1.93	+0.29
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.03
Calmar ratio: Return relative to maximum drawdown	2.22	1.95	+0.26
Martin ratio: Return relative to average drawdown	6.19	8.40	-2.21

AMLP vs. SPY - Sharpe Ratio Comparison

The current AMLP Sharpe Ratio is 1.58, which is comparable to the SPY Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of AMLP and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AMLP vs. SPY - Drawdown Comparison

The maximum AMLP drawdown since its inception was -77.19%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AMLP and SPY.

Drawdown Indicators

	AMLP	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-77.19%	-55.19%	-22.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.94%	-8.88%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-14.27%	-18.76%	+4.49%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-24.50%	+3.58%
Max Drawdown (10Y) Largest decline over 10 years	-72.62%	-33.72%	-38.90%
Current Drawdown Current decline from peak	-1.38%	-2.45%	+1.07%
Average Drawdown Average peak-to-trough decline	-17.28%	-9.02%	-8.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	2.06%	+1.14%

Volatility

AMLP vs. SPY - Volatility Comparison

Alerian MLP ETF (AMLP) has a higher volatility of 3.94% compared to State Street SPDR S&P 500 ETF (SPY) at 3.28%. This indicates that AMLP's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMLP	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	3.28%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	9.78%	9.88%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	12.58%	12.70%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.41%	17.15%	+2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.66%	17.94%	+9.72%

AMLP vs. SPY - Expense Ratio Comparison

AMLP has a 0.90% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

AMLP vs. SPY - Dividend Comparison

AMLP's dividend yield for the trailing twelve months is around 7.41%, more than SPY's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMLP Alerian MLP ETF	7.41%	8.36%	7.70%	7.86%	7.70%	8.55%	12.31%	9.12%	9.29%	7.97%	8.09%	9.84%
SPY State Street SPDR S&P 500 ETF	1.02%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both AMLP and SPY in my portfolio?

AMLP and SPY have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMLP or SPY?

AMLP has higher volatility (3.94%) compared to SPY (3.28%). In terms of maximum drawdown, AMLP dropped -77.19% vs SPY's -55.19%.

Which ETF is better, AMLP or SPY?

On 10-year performance, SPY leads with 14.86% vs 6.88% for AMLP. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMLP or SPY?

Over the 10-year period, SPY has performed better with a 14.86% return vs 6.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMLP or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.90% for AMLP.

Which ETF pays a higher dividend yield, AMLP or SPY?

AMLP has the higher dividend yield at 7.41%, compared with 1.02% for SPY.

What is the main difference between AMLP and SPY?

AMLP is categorized as MLPs, while SPY is S&P 500. AMLP tracks Alerian MLP Infrastructure Index, while SPY tracks S&P 500 Index. They also come from different issuers: SS&C and State Street. Their fees differ too: 0.90% for AMLP and 0.09% for SPY.

Which has better risk-adjusted returns?

AMLP currently has the higher Sharpe Ratio (1.58 vs 1.37), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.